Clarivate (NYSE:CLVT - Get Free Report) announced that its board has approved a stock repurchase plan on Monday, December 16th, RTT News reports. The company plans to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 12.8% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its shares are undervalued.
Several research analysts have recently commented on the company. Barclays reduced their price target on Clarivate from $5.00 to $4.00 and set an "underweight" rating on the stock in a report on Thursday, November 7th. Royal Bank of Canada reduced their target price on shares of Clarivate from $7.00 to $6.00 and set a "sector perform" rating on the stock in a research note on Thursday, November 7th. Finally, William Blair lowered shares of Clarivate from an "outperform" rating to a "market perform" rating in a report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $7.10.
Read Our Latest Research Report on CLVT
Shares of NYSE:CLVT traded up $0.39 during midday trading on Monday, reaching $5.50. 6,420,601 shares of the company's stock were exchanged, compared to its average volume of 4,596,281. The firm's 50 day simple moving average is $5.81 and its two-hundred day simple moving average is $6.07. Clarivate has a fifty-two week low of $4.25 and a fifty-two week high of $9.60. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.88 and a quick ratio of 0.88. The stock has a market cap of $3.91 billion, a price-to-earnings ratio of -2.76 and a beta of 1.12.
Clarivate (NYSE:CLVT - Get Free Report) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.19 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.19. Clarivate had a negative net margin of 50.00% and a positive return on equity of 9.69%. The business had revenue of $622.20 million for the quarter, compared to the consensus estimate of $640.81 million. During the same period in the previous year, the firm earned $0.18 EPS. The business's revenue was down 3.9% on a year-over-year basis. As a group, sell-side analysts forecast that Clarivate will post 0.63 EPS for the current fiscal year.
In related news, insider Bar Veinstein sold 120,000 shares of the business's stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $7.00, for a total transaction of $840,000.00. Following the completion of the transaction, the insider now directly owns 976,583 shares of the company's stock, valued at $6,836,081. The trade was a 10.94 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Michael J. Angelakis purchased 765,000 shares of the business's stock in a transaction on Friday, November 22nd. The shares were bought at an average price of $5.19 per share, for a total transaction of $3,970,350.00. Following the acquisition, the director now owns 3,465,000 shares in the company, valued at $17,983,350. This trade represents a 28.33 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 22.77% of the company's stock.
Clarivate Plc operates as an information services provider in the Americas, the Middle East, Africa, Europe, and the Asia Pacific. It operates through three segments: Academia & Government, Life Sciences & Healthcare, and Intellectual Property. The company offers Web of Science and InCites, that analyzes and explores the academic research landscape and manages research information; ProQuest One and Ebook Central that provides comprehensive content collections to institutions in a cost-effective manner; and Alma and Polaris, that manages academic resources and services, connect users, and support research publications.
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